North American Palladium (“NAP” or the “Company”) (TSX:PDL)(OTC PINK:PALDF) today announced financial and operational results for the three months ended June 30, 2017.
Q2 2017 Results Summary
- Net income for the quarter was $7.9 million primarily due to higher palladium production and improved prices compared to a loss of $9.9 million in Q2 2016. This marks the first profitable quarter since the Company’s financial restructuring in August 2015. Net income for the first half of 2017 was $4.1 million compared to a net loss of $23.0 million for the same period of 2016.
- Adjusted EBITDA(1) for the quarter was $20.5 million, compared to $1.1 million for Q2 2016.
- Revenue for the quarter was $70.3 million, an increase of $30.4 million or 76% compared to Q2 2016. This is primarily due to a 43% increase in palladium pricing and a 41% increase in payable palladium sold.
- All in sustaining costs(1) were US$644 per ounce sold in Q2 versus US$699 in Q2 2016.
- Underground production was 455,169 tonnes (5,002 tonnes per day) at an average grade of 3.9 grams per tonne, an increase of 180,963 tonnes or 66% compared to 274,206 tonnes (3,013 tonnes per day) at an average grade of 3.8 grams per tonne in Q2 2016.
- Mill production of 50,222 ounces of payable palladium in comparison to 38,203 payable ounces produced in Q2 2016.
- An updated mineral reserve and mineral resource estimate in connection with a feasibility level National Instrument 43-101 compliant life of mine (“LOM”) technical report were published in the quarter.